March 20, 2020 / 10:34 AM / 2 months ago

Li & Fung receives $931 mln offer to go private

HONG KONG, March 20 (Reuters) - Hong Kong-listed global sourcing and logistics group Li & Fung Ltd said on Friday it had received an offer worth $931 million to take the company private.

Golden Lincoln Holdings, an entity formed by Li & Fung’s controlling shareholders and Singaporean warehousing and logistics firm GLP, proposed to buy out Li & Fung’s controlling shareholders for HK$1.25 per share, the company said in a filing to the Hong Kong Stock Exchange.

The deal values the company at around $1.4 billion.

The price is about 72.7% over the company’s average closing price in the last 60 days and more than double its Friday close of HK$0.50 apiece.

The buyer will pay about HK$7.22 billion ($931 million) in cash for the deal, and will not increase the price, according to the filing. ($1 = 7.7568 Hong Kong dollars) (Reporting by Kane Wu; Editing by Kim Coghill)

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